Oyo State Governor, Seyi Makinde, has questioned Nigeria’s petroleum pricing framework, saying the debate should focus on finding a fair pricing system rather than only discussing fuel subsidy.
Makinde made the remarks in the September 2026 edition of his newsletter, The Business of Governance. He said Nigerians deserve to understand how authorities determine the prices of petroleum products in an oil-producing country.
The governor argued that the government must review whether the current pricing system allows Nigerians to benefit fairly from the country’s natural resources.
Makinde seeks transparency in petrol pricing
Makinde said Nigerians should have access to clear information on the factors used to determine petroleum prices. He listed crude oil price benchmarks, refining costs and margins among the key factors. Others include exchange-rate assumptions, logistics and distribution costs, taxes and levies.
According to him, the government should make these details publicly available. This, he said, would allow Nigerians to understand the basis of pump prices and compare them with other available options.
Makinde also rejected the argument that Nigerians should pay more for petroleum products to discourage smuggling into neighbouring countries.
“Nigerians should not be made to bear the cost of government’s inability to secure its borders,” he said.
The governor argued that border security should not determine the financial burden placed on Nigerian consumers.
Governor calls for national reset
Makinde said Nigeria must focus on reforming its systems and institutions instead of concentrating only on the individuals in public office.
He noted that successive governments had introduced new policies and promised fresh beginnings. However, millions of Nigerians still face poverty, insecurity and limited economic opportunities. He also expressed concern about the performance of some public institutions.
According to Makinde, these challenges point to deeper weaknesses within Nigeria’s systems, institutions and structures. He said his proposed “Reset Nigeria” movement would seek to rebuild those systems and make them work better for citizens.
Makinde seeks citizens’ participation
The governor said Nigeria’s proposed reset would require accountable leadership and active citizenship. He stressed that no individual or government could achieve the transformation alone.
“This will not be an instant transformation, nor will it be the work of one person. It must be a deliberate national effort supported by a clear roadmap, measurable priorities and the sustained participation of Nigerians at home and abroad,” he said.
Makinde said subsequent editions of his newsletter would examine his proposals for reforming the economy, security architecture and education system. He also plans to discuss institutional reforms and changes to Nigeria’s social and political order.
The governor said he would share lessons from his public service experience and explain how they shaped his vision for the country. He further invited Nigerians to identify areas they believe should receive priority under the proposed national reset.
